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Agents Concerned About ADT Decision
The matter involved the sale of the Gonzales home in North Ryde and the consequences for the agents in not disclosing to prospective purchasers the events that occurred on the property in 2001.
The ADT found that the agent in all the circumstances had an obligation to disclose the events that had occurred on the property – events the ADT, relying on Section 52 of the Property Stock and Business Agents Act, termed “material facts”.
What constitutes a “material fact” is a complex question and will depend on each property’s particular circumstances.
Mrs Castle said the Institute is actively working with both the State and Federal Government to bring some certainty and guidance to this issue for the benefit of real estate agents. And the Institute will keep Members informed as clarification is provided.
She warned that in the meantime, members should be cautious in relying on advice from training providers with respect to the issue of “material fact”, given it is yet to be defined and the issues which surround it are yet to be resolved.
Please direct all media enquiries to REINSW Communications Manager, Mr Nicholas Campbell
Tel. (02) 8267 0527 / 0406 955 801.
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